Canada Fluorspar Provides Information Update on St. Lawrence Project
September 21 2012 - 8:30AM
PR Newswire (Canada)
TSX Venture Exchange Trading Symbol: CFI ST JOHN'S NL, Sept. 21,
2012 /CNW/ - Canada Fluorspar Inc., ("CFI" or the" Company") today
issued the following information update concerning its proposed
reactivation of the fluorspar project at St. Lawrence, Newfoundland
and Labrador. Appointment of Interim CEO of Newspar: Richard Carl
has been appointed to the role of Interim CEO of Newspar, the
Company's 50/50 joint venture with Arkema. This appointment is
effective September 21, 2012. Mr. Carl will continue in his role as
Executive Chairman of CFI. Lindsay Gorrill, who served as Newspar's
CEO, will continue in his role as President and CEO of CFI. This
move will enable Mr. Gorrill to devote his full attention to the
development of exploration programs at Director and Grebe's Nest,
as well as spearheading the Company's fundraising and stakeholder
relations activities. Today's announcement is the next step in the
planned process that will designate a full-time project manager to
coordinate the project build. Appointment of new Management
Committee member: Greg Struble, Executive Vice President and Chief
Operating Office of North American Palladium, has joined the
Management Committee of Newspar. Mr. Struble has over 30 years of
experience in the mining industry. The partnership agreement
between CFI and Arkema calls for a Management Committee to oversee
the development, operations and governance of Newspar. The
Committee consists of five members; two representatives from each
of CFI and Arkema and one independent member, Mr. Struble. "We are
very pleased that Greg has come on board as the independent member
of the Management Committee of Newspar. He brings a wealth of
knowledge and experience to our team at a time when we are
establishing the scope of the project and the associated costs."
said Richard Carl, who also serves as Chairman of the Management
Committee. Update on the review of the project's scope and cost:
The previously announced cost and scope review of the St. Lawrence
project is continuing, and is currently anticipated to be completed
late in the fourth quarter of 2012 or early in the first quarter of
2013. As a result of the review process, the current expected
commencement date for the construction of the project has yet to be
determined. This comprehensive review is considering a range of
mining and milling options that may be applicable at the Company's
St. Lawrence fluorspar operations. "Our goal remains the same: the
pursuit of a long-term, economically viable, cost-effective, and
safe project that will create local jobs and enhance value for all
our stakeholders" said Lindsay Gorrill, CEO of CFI. "We believe
that our comprehensive review will serve the best long-term
interests of all stakeholders. In the meantime, we are moving
forward with the project planning and permitting processes", Mr.
Gorrill added. About the Company Canada Fluorspar Inc. is a
specialty mineral resource company engaged in the development of
fluorspar deposits located in St. Lawrence, Newfoundland, Canada,
and is reactivating the existing Blue Beach North and Tarefare
underground fluorspar mines, expanding the existing mill,
constructing a new, environmentally-sound Tailings Management
Facility through Newspar, which is a 50/50 joint venture between
the Company and with Arkema. The Company is also building a new
deep-water marine terminal in the outer St. Lawrence Harbour for
the export of fluorspar concentrate product. Neither the TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Cautionary Note and Forward Looking Statements This press release
contains forward‐looking statements which include, but are not
limited to: anticipated timing for completion of metallurgical
testing, the commencement of the drilling program, current
development and operating objectives and outlook, expectations,
opinions, forecasts, projections, guidance or other statements that
are not statements of fact. Although the Company believes that the
expectations reflected in such forward‐looking statements are
reasonable, it cannot give any assurance that such expectations
will prove to be correct. Results of the Company may be affected by
a variety of variables and risks associated with mining development
including: loss of market, volatility of commodity prices, currency
fluctuations, imprecision of reserve estimates, environmental
risks, competition from other producers, ability to access
sufficient debt and equity capital from internal and external
sources, ability to generate sufficient cash flow to meet its
current and future obligations, regulatory approvals affecting
construction and mining operations. Such forward‐looking statements
are also based on a number of assumptions which may prove to be
incorrect, including, but not limited to, assumptions about the
following: the availability of financing for exploration and
development activities, the supply and demand for, and the level
and volatility of the price of fluorspar, the assumptions on which
resource estimates are based, the receipt of necessary permit,
market competition, ongoing relations with employees and impacted
communities, project cost estimates and general business and
economic conditions. Should one or more of the risks or
uncertainties involved in forward‐looking statements prove
incorrect, actual results may vary materially from those
anticipated, believed, estimated or expected. Accordingly, readers
should not place undue reliance on forward‐looking statements.
Forward‐looking statements are qualified entirely by this
cautionary statement and are given only as at the date of this
press release. The Company disclaims any obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by law.
Canada Fluorspar Inc. CONTACT: Lindsay Gorrill, President and
CEOCanada Fluorspar Inc.Tel: 709-730-2453Email:
lgorill@canadafluorspar.com
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